First Time Buyer Stamp Duty Savings

First time buyers purchasing their first home for £300,000 or less will pay no SDLT

March 9, 2018 admin Conveyancing, Conveyancing Stafford, Property Law, Stamp Duty Property Law Birmingham, Property Law Stafford

In the Budget on 22 November 2017, the Chancellor of the Exchequer announced a relief from stamp duty land tax (SDLT) for first time buyers.

The relief will apply from 22 November 2017 to purchases of residential property for £500,000 or less, provided the purchaser intends to occupy the property as their only or main residence.

First time buyers purchasing their first home for £300,000 or less will pay no SDLT. Where the purchase price is over £300,000 but does not exceed £500,000 they will pay 5% on the amount above £300,000.

The relief will apply to purchases in England, Wales and Northern Ireland.

The relief applies where

  • there is a purchase of a single dwelling,
  • the purchase price is not more than £500,000,
  • the purchaser or, if there is more than one, each of them, is an individual,
  • the purchaser or, if there is more than one, each of them, is a first time buyer, who intends to occupy the dwelling as their only or main residence,
  • the effective date of the transaction is on or after 22 November 2017

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